BEML Ltd shares are in news today after the firm signed MoUs with Siemens and Dragflow to explore rail and dredging opportunities. BEML shares rose to 2.02% to Rs 2,488.70 in the previous session.
BEML has announced its strategic expansion into the rail and dredging sectors through two significant Memorandums of Understanding (MoUs). The company signed a non-binding MoU with Siemens Limited, India, to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as metro and commuter rail markets.
In a parallel move, BEML inked an MoU with Dragflow S.R.L., Italy, to enhance indigenous dredging solutions. Both agreements aim to fortify BEML's market presence in these key sectors, aligning with its growth strategy amidst challenging financial results.
In the third quarter, BEML experienced a substantial decline in financial performance, with net profit nearly halving to Rs 24.4 crore from Rs 48.2 crore in the same quarter the previous year. Revenue for the quarter also fell by 16.3% to Rs 876 crore, down from Rs 1,047 crore.